Hi @godala_vamshi,
Could you please tell me that if the ApplicationName column exists in an Excel table or SP list?
For that you have set the Update property with {Value:xxxx} at very first, I guess you want to save the Combo Box selected items to a Choice column in the SP list, right?
If so, I think you should try the following steps:
1). Make sure that the Choice column in the SP list allows multi select in column settings
2). Modify your Update property as below:
ForAll(DataCardValue3.SelectedItems,Value)
Please do answer the above questions if the formula could not solve your problem.